$190 million NYC deal

Tower sold after 7 years' ownership

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KBS Realty Advisors recently sold a 303,139-square-foot office tower in Manhattan, N.Y., for $190 million. Local investor Joseph Moinian, president and CEO of The Moinian Group, purchased the property at 245 Fifth Ave. in the Midtown South submarket. KBS acquired the building in May 2000 and implemented cosmetic and system upgrades. At the time of sale, the property was nearly 100 percent occupied. ...